Gold stocks have been in a rally but that's over as gold stocks peaked at their 400-day moving averages days ago and sliced through their 200-day moving averages Friday. Look at the charts of any gold stock index; it’s clear they are in a downtrend.

Today, I look at things that will likely influence markets in 2019 and into 2020 and start the year with a top-down approach to figure out the broader economic picture. This approach helps me narrow down my investment theme for the year.